The village's name is of a doubtful etymology. The first part of the name refers to the river Calder that flows through the village: however the second element is unknown. Some sources suggest the second element is from Old Englishbenc "bench". A record of the name from 1182 as Celdrebec suggests this.

The village is famous for being the birthplace of the Vulcan, the world's first iron boat, which sailed from Calderbanks Iron Works to the River Clyde with cargoes of iron and coal. Iron from the Calderbanks works was used to build the Queen Mary cruise liner.